Partners Life has released a combined product and technology update informed by adviser feedback.
A webinar presentation to advisers and support team members last week outlined the key elements of the update, where the focus was directed towards:
- System enhancements with a view to greater automation of new business assessment and auto issue of policies
- Key changes to trauma insurance and terminal illness benefits
Systems enhancements
The main system enhancement shared with advisers by Partners Life GM Process Enhancement, Ryan Macnab, was the updating of the insurer’s MUM (My Underwriting Manager) platform.
To date, the MUM system has automated policy application and assessment processes, and this has now been enhanced with policy auto-issue now available under the MUM platform for eligible policy applications.
Macnab shared an online demonstration of how auto policy issue will operate, explaining to the webinar audience that certain requirements, such as policy payment details and other disclosures are required in order for immediate auto policy issue to be activated.
Macnab advised that applications through the MUM system will still need to be submitted for underwriting approval, subject to the client medical and other details provided. If the client application is eligible, however, they are covered with immedite effect, with commissions paid to the adviser on the following day.
Product enhancements
Partners Life GM Product, Steve Wright, told his audience the new benefits and other product changes announced during the webinar have been made in response to adviser feedback.
The key change outlined by Wright revolved around the implementation of Immediate and Deferred Buyback options on trauma insurance claims. The product GM provided examples of how the immediate and deferred buyback processes would operate.
He also summarised some changes to the insurer’s terminal illness product, where he emphasised Partners Life was the only insurer in New Zealand – and possibly globally – to offer a stand-alone retail terminal illness product.
Wright also emphasised the value associated with conversion options made available by the insurer – options that are not necessarily rated by research houses – but which he nonetheless believes can deliver significant value for the policy owner and/or the insured life, depending on their circumstances. For example, Wright highlighted the potential value associated with the option to:
- Convert life cover to terminal illness cover in retirement
- Convert from disability to income and expenses cover under income protection insurance
As we go to print, the dates and order of events is still being finalised in relation to the release of the MUM policy auto issue capability and product enhancements, but confirmation is expected very shortly.
In any case, a comprehensive summary of the systems and product enhancements is to be released to all advisers, as will details of an upcoming series of adviser workshops, in which the enhancements will be demonstrated and discussed.